A long-empty lot at 5139 N. Colfax Ave. in Valley Village may finally be getting a new life, with plans in the works for a six-story apartment building holding 95 affordable units. The proposal calls for a mix of one- and two-bedroom homes wrapped around a central courtyard, plus a rooftop amenity deck and ground-floor parking for roughly 32 cars. The new construction would replace a parcel that was previously floated for a small-lot subdivision.
According to Urbanize LA, an application filed with the Los Angeles Department of City Planning links the project to an entity affiliated with Angeleno Investments and presents the structure as a contemporary podium-style building. The plans designate the homes as low- and moderate-income units, a key detail that underpins the developer’s request to build at a larger scale under the city’s affordable-housing incentive programs.
City Incentives Could Super-Size the Project
The application notes that the project is seeking relief through city housing incentives that loosen height and floor-area limits for developments that reserve apartments for lower-income renters. The Citywide Housing Incentive Program, or CHIP, was adopted as part of Los Angeles’ Housing Element updates and took effect on Feb. 11, 2025. The program revamped local density-bonus rules and layered on new breaks for mixed-income and fully affordable projects, a shift that has made larger infill affordable buildings more feasible, according to Los Angeles City Planning.
Developer’s Affordable-Housing Playbook
Angeleno Investments is not new to this play. The firm has a series of similar affordable projects in the works across central Los Angeles and the San Fernando Valley, so the Colfax proposal appears to slot neatly into a broader strategy focused on small-to-mid-size affordable infill. For instance, Urbanize LA recently highlighted a four-story, 38-unit affordable building now under construction in North Hollywood that is also tied to Angeleno Investments.
What Happens Next
With the application submitted, the Valley Village proposal now heads into the standard Department of City Planning review pipeline, including any required entitlement approvals and environmental clearances, before building permits can be issued. Local residents and other interested observers can keep tabs on the case and any upcoming hearings through the city’s online case-search portal at Los Angeles City Planning.
